Apple Quarterly Figures: Records Again, But Memory Crisis Takes Its Toll
Apple made almost 30 billion US dollars in profit in the first quarter. Growth was double-digit in all geographic regions. But will it stay that way?
Two Apple logos on the manufacturer's computers: money for tariffs is coming back, but RAM costs are increasing.
(Image: Sebastian Trepesch / heise medien)
In California, corks likely popped on Thursday evening: Apple has once again achieved a record quarter, and this time it was particularly strong. Revenue rose by 17 percent to $111.2 billion in the quarter from December 28, 2025, to March 28, 2026, compared to the same quarter last year. Apple's operating profit increased by 21 percent to $35.9 billion.
Earnings per diluted share even rose by 22 percent to $2.01. After deducting taxes, which increased by 38 percent, Apple is left with a net profit of $29.6 billion. It was the “best March quarter ever,” according to CEO Tim Cook, who is stepping down in September. Apple recorded particularly high demand for the iPhone 17 lineup, but the services business was also better than ever (almost $31 billion, up 16 percent).
Record also for operating cash flow
New products such as the iPhone 17e, the new MacBook Pros with M5 Max and M5 Pro, or the MacBook Neo, Apple's cheapest notebook to date, also contributed to the revenue and profit record. According to CFO Kevan Parekh, Apple generated a total of $28 billion in operating cash flow in the March quarter, more than in any previous March quarter.
The installed base also reached a new high. Apple will pay a dividend of $0.27 per share, an increase of four percent (for all shareholders holding shares by May 11). According to Parekh, Apple also plans to spend a total of $100 billion on share buybacks.
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The entire iPhone business generated $56.9 billion, according to $46.8 billion). Mac sales increased to $8.3 billion (from $7.9 billion), and iPad sales rose from $6.4 billion to $6.9 billion. The Wearables, Home, and Accessories segment also grew slightly by around $400 million. The Services segment increased from $26.64 billion to $30.9 billion. The outlook for the coming quarter is positive: Apple expects revenue growth between 14 and 17 percent with a margin between 47.5 and 48.5 percent. However, the RAM and NAND supply crisis, which is AI-driven, is problematic.
RAM crisis, tariffs, and an appearance by Ternus
The company expects that both Mac mini and Mac Studio will only be available in limited quantities in retail stores in the coming months. The reason given is higher-than-expected demand. The company cannot have enough Apple Silicon chips produced, leading to waiting times, Cook revealed. Regarding US tariffs, for which the company had set aside billions in previous quarters, Apple now expects refunds after a decision by the Supreme Court. Apple will invest the money in US production, Cook emphasized. These are “new investments, in addition to our previous commitments.”
In addition to Cook and Parekh, the new CEO (and current Head of Hardware Engineering) John Ternus, who will take office in September, also made an appearance at the investor call on quarterly figures. In a brief statement, he emphasized that Apple has an “incredible roadmap” of new products. It is the most exciting time in his 25-year career at Apple. The company has “so many opportunities,” and he “cannot be more optimistic about what's to come.” He thanked Cook for his trust and called him “one of the greatest company leaders of all time.” It is an “incredible honor to take on the role of CEO.”
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